The Houston housing market showed sustainable market conditions in June, as mid-range homes and a growing housing inventory showed positive signs of hope, the Houston Association of Realtors reported.
According to HAR’s latest market report, an estimated 7,696 home were sold in June, allowing the housing inventory to boost to a 3.7-months supply of a 3.2-months supply from a year ago. Additionally, on a year-to-date basis, home sale rose 2.7 percent ahead of last year’s numbers.
Single-family home prices increased 2.5 percent to $230,538 in June, while the median home price boosted to $300,178; the second highest recorded for a June, HAR reported.
“We continued to see solid buying activity among middle-range housing in June,” said HAR Chairman Mario Arriaga. “Even though sales overall leveled off compared to last June, volume is up for the year, and we anticipate a sufficient supply of inventory and low interest rates to draw more home buyers into the market in the weeks ahead” reported Arriaga.
Month-end pending sales totaled 7,801, an increase of 8.6 percent when compared to a year earlier. Total active listings rose 13.8 percent when compared year-over-year to 35,857. All housing segments saw a decline in the month of June, except homes priced between $150,000 to $499,999, HAR reported.
All in all, the Houston housing market showed sustainable market conditions despite mixed conditions. On a year-over-year basis, inventory grew; and the mid-range and average home price reached a record high while single-family home sales remained the same.